Chairman of UAE’s Abraaj resigns

The chairman of troubled UAE investment firm Abraaj Holdings Sean Cleary has resigned, it was confirmed on Thursday.

The private equity group is currently undergoing a court-supervised restructuring following allegations of misused funds.

“We can confirm that Sean Cleary has resigned from his position as chairman of Abraaj Holdings,” the company said in a statement.

“Following the appointment of the joint provisional liquidators, Sean determined that his role as an independent non-executive director would serve no further legal or fiduciary purpose in the interests of creditors or other stakeholders,” it said.

“Sean is fully supportive of the appointment of the joint provisional liquidators for the holdings and investment management units of Abraaj,” it added.